In the past 18 months, China has led the world in art spending, with wealthy buyers showing a strong appetite for high-value pieces. As financial market sentiment improves, this trend looks set to continue into the coming year, according to a survey by Art Basel and Swiss banking giant UBS.
Industry insiders suggest that China’s affluent collectors are poised to further boost their investments, cementing the nation’s status as a major player in the global art market.
In 2023 and the first half of 2024, high-net-worth individuals (HNWIs) from China led global spending on art and antiques, with average expenditures of $97,000 – the highest among surveyed countries, according to the «Art Basel and UBS Survey of Global Collecting 2024».
France ranked second with an average expenditure of $38,000, followed by Italy ($32,000), the UK ($31,000), and Hong Kong ($28,000). The global median expenditure stood at $25,555.
Emerging Singapore
Art SG in Singapore (Image: ARTSG)
Notably, Singapore emerged as a growing player in the global art market last year, with HNWIs in the country experiencing a 41% increase in wealth.
Art Fair in the Lion City
When asked about their plans for the next twelve months, 43 percent of survey participants across all markets indicated they intend to acquire more art for their collections. This is, however, lower than in 2023 or 2022, when slightly more than half expressed intentions to make additional purchases.
Most of the art next year is once again likely to go to China, where 70 percent of respondents plan to acquire further pieces. Singapore (52 percent) is also expected to be a relatively active market, with the ART SG Fair in January 2025 increasingly establishing itself as a significant event.
Focus on 14 Markets
The 2024 survey was based on responses from more than 3,660 HNWIs across 14 markets, including Brazil, France, Germany, Hong Kong, Indonesia, Italy, Japan, Mainland China, Mexico, Singapore, Switzerland, Taiwan, the United Kingdom, and the United States.
